- Chainlink price analysis is bearish today.
- The LINK/USD pair advanced another step higher yesterday.
- The Chainlink bull market is coming to an end.
The Chainlink price is bearish today, with another modest bump yesterday and a rejection of additional gains below $28. As a result, LINK/USD should reverse over the following 24 hours and lose some of its gains.
Cryptocurrency heat map. Source: Coin360
Over the past 24 hours, the overall market has traded with mixed results. Bitcoin increased by 1.11%, while Ethereum dropped by 1.8%. Meanwhile, Solana (SOL) is one of the worst performers, with a drop of more than 9%.
The LINK/USD pair has ranged between $25.280 and $27.910 over the last 24 hours, implying a moderate amount of fluctuations in that time period. Trading volume has decreased by 14.23 percent, with $1.08 billion traded on 1,365 markets across 16 countries, putting it at 15th position overall among cryptocurrencies.
LINK/USD 4-hour chart: LINK set to reverse?
On the 4-hour Chainlink price analysis chart, we can see that for Chainlink’s price action, exhaustion is evident, suggesting a retracement is on the way.
LINK/USD 4-hour chart. Source: TradingView
The Chainlink price is now trading near the $22 support level, which has been holding for more than a week. The overall market sentiment remains negative, as a significant plunge occurred on September 20th, resulting in losses of over 30% over several days.
The prior significant support level of $25.5 became the upper limit for the consolidation range, with a second retest on September 27th. During the sideways movement, bulls established somewhat higher lows, suggesting an approaching reversal.
On Friday, Chainlink’s price rose by more than 8%, with further gains made on Monday to the $28 level. Overall, LINK/USD has seen a great deal of growth in recent days, suggesting that a retracement is imminent.
This week’s Chainlink price analysis is bearish, as a modest advance was met by rejection for further gains below $28. As a result, we expect LINK/USD to return to some of the earlier-week gains and establish a lower low next.
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